Over 25,586 crore rupees sanctioned by banks under the Stand-Up India program in 5 years
New Delhi: The government informed on Sunday that 25,586 crore rupees had been sanctioned under the Stand Up India program until March 23, 2021 for more than 1,14,322 accounts since the inception of the program. For the uninformed, Stand-Up India’s goal is to promote entrepreneurship among women, Scheduled Castes (SC) and Scheduled Tribes (ST) categories, to help them start an entirely new business in the trade, manufacturing and service sectors, by both des and trainee borrowers.
India is growing rapidly and there is a large group of potential entrepreneurs, especially Women and Listed Castes (SC), Listed Tribes (ST) who want to start their own business which allows them to grow. and thrive. Aspiring SC, ST and women entrepreneurs may face challenges in turning their dreams into reality.
Recognizing these challenges, the Stand up India program was launched on April 5, 2016 to promote entrepreneurship at the local level with a focus on economic empowerment and job creation. This device has been extended until 2025.
Stand-Up India aims to:
- Promote entrepreneurship among women, category SC & ST.
- Provide loans for the creation of entirely new businesses in manufacturing, services or trade and agriculture-related activities by loan borrowers and interns
- Facilitate bank loans between Rs. 10 lakh and Rs. 1 crore to at least one borrower from listed castes / tribes and at least one female borrower per bank branch of listed commercial banks
Why Stand-Up India?
The Stand-Up India program is based on the recognition of the challenges faced by SC, ST and women entrepreneurs in setting up businesses, obtaining loans and other supports needed from time to time to be successful in business. The program therefore strives to create an ecosystem that facilitates and continues to provide a favorable environment for doing business.
The program aims to provide borrowers with access to bank branch loans to help them set up their own businesses. The program, which covers all branches of regular commercial banks, will be accessible in three potential ways:
- Directly in branch or,
- Via the Stand-Up India portal (www.standupmitra.in) or,
- Through the District Manager (LDM).
Who are all eligible for a loan?
- SC / ST and / or women entrepreneurs, over 18 years old.
- Loans under the program are only available for completely new projects. Greenfield means, in this context, the beneficiary’s first business in manufacturing, services or trade and activities related to agriculture
- In the case of non-individual companies, 51% of the shareholding and majority participation must be held by SC / ST and / or a woman entrepreneur.
- Borrowers must not be in default with any bank / financial institution.